Whatever the size of your business, plant equipment, bought or hired can be a significant investment for your business. You therefore need to make sure that it is correctly covered by your insurance. This is where plant insurance, confusingly, it is sometimes also called Engineering Insurance, Contractors’ Insurance or Contractors’ All Risks Insurance comes in.
What cover is available?
Own plant
For any build it is likely that you are going to use some form of plant equipment. Bruce Burke offers a 12 month annual policy for ‘all risks cover’ which includes cover for accidental damage, fire, theft, malicious damage, vandalism, flood, impact, and lightning. A separate road risk policy may be required.
We insure all makes of plant, including JCB, Case, Kubota, Hitachi, Volvo, Komatsu, Doosan, Thwaites, Bobcat, Liebherr and more.
Plant can include road sweepers, excavators, cranes, dumpers, cement mixers, generators and even welfare units.
Hired in plant
In many cases you are liable for any damage or theft to any plant equipment that you are hiring to complete your contracted work. A hired in plant insurance policy covers you with liability insurance under the terms of your hire agreement, to pay compensation for damage to the plant.
What Factors Affect Owned and Hired-In Plant Insurance?
Plant comes in various forms — some is fixed and remains in a workshop or a yard, while most will be moved to different sites. It can be self-propelled, such as a dumper truck, or require towing such as a generator. There are wheeled items that may be driven to site and tracked items that are delivered to site on low loaders. All these factors can affect the chances of damage or loss to the plant and therefore must be considered when calculating premiums.
Plant Insurance Rating Factors
- What is the value of the plant?
- How old is the plant?
- What security is on the plant as standard?
- What security has been added to the plant?
- Where is the plant kept when it not in use?
- Is there security on site?
- Have you, the policyholder, had any claims?
- Can you benefit from economies of scale where large number of plant are to be insured?
- Have you, the policyholder, held previous insurance without loss?
- Is the plant used for own contracts only or hired out?
- Is plant hired in? if so, how much is spent on hiring in?
- Is plant operated or unoperated?
- What hire conditions are used? e.g., C.P.A
Plant insurance as an ad-on cover
Plant insurance is a liabilities policy that can be added on to your contract works insurance. Plant insurance is often added as an additional extra for:
- Bricklayers
- Contract works
- Demolition contractors
- Electrical contractors
- Roofers
- Scaffolders
- Steel erectors
- Weldors
